$60 million in Title claims paid in 2001.

Position:Business Alert - Brief Article
 
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ACCORDING TO THE AMERICAN LAND TITLE Association (ALTA), Washington, D.C., results of its recent industry survey show that title insurers paid approximately $460 million in claims in 2001, compared with $350 million the previous year. These payments were made to compensate insured homeowners for losses they experienced under policies issued to them, or to defend their titles from the claims of others.

Unlike other forms of insurance, title insurance is based on actions that have already occurred--not on what may occur in the future. This is because property can be used for many different purposes over a long period of time and as a result be subjected to numerous claims. A title search of the public records is the starting point for a professional title search. This search will determine who owns the property and what interests already exist in that property. Problems discovered in the title search are generally resolved...

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